Call First Capital Group, the investment arm of First Union, an opportunist. Lisa Brown-Premo, senior portfolio manager at First Capital, describes the total rate of return shop as always looking for prospects in the asset-backed market.

In fact, expect First Capital to be more involved in the ABS sector going forward, as Premo expects to do more volume on both the sell side and the buy side as the firm deepens a focus on relative value. While the firm continues to carry a bias for home equity paper - the company is overweighted in HEL compared to most indexes - First Capital has recently mulled buys in the high-yield CBO market and the stranded cost sector.

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